Comcast Corporation (CMCSA) Q2 2023 Earnings Call Transcript

For the period ending June 30, 2023

July 27, 2023 8:30 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good morning, ladies and gentlemen, and welcome to Comcast's Second Quarter Earnings Conference Call. At this time all participants are in a listen-only mode. Please note that this conference call is being recorded.

I will now turn the call over to Executive Vice President, Investor Relations, Ms. Marci Ryvicker. Please go ahead, Ms. Ryvicker.

Marci Ryvicker

Thank you, operator, and welcome to our second quarter 2023 earnings call. You'll first hear from Mike Cavanagh and Jason Armstrong. Then Brian Roberts and Dave Watson will join us and be available for Q&A.

I will now refer you to slide two of the presentation accompanying this call, which can also be found on our Investor Relations Web site, which contains our Safe Harbor disclaimer. This conference call may include forward-looking statements subject to certain risks and uncertainties. In addition, during this call, we will refer to certain non-GAAP financial measures. Please see our 8-K and trending schedule issued earlier this morning for the reconciliations of these non-GAAP financial measures to GAAP.

With that, I'll turn the call over to Mike.

Michael Cavanagh

Thanks, Marci, and good morning, everyone. I'm very pleased with our second quarter results, which again demonstrate that our focused efforts to invest and innovate in businesses that offer significant revenue growth, while we carefully manage the contiguous areas with structurally lower growth is paying off.

Total revenue grew 2%, and the sixth growth priority areas we have outlined: residential broadband, wireless, business services, theme parks, streaming and premium content creation in our studios, grew nearly 10% year-over-year, and now represent 55% of total revenue. This revenue growth combined with careful management of margins across all businesses generated mid single-digit EBITDA growth and double-digit earnings per share growth.

Looking farther into the future, we expect to continue to drive significant growth in these areas, and to continue to identify and invest in organic growth opportunities across our strong portfolio of businesses. We are also very clear-eyed about the challenges that we and our competitors face in other business lines, and have established thoughtful plans which will enable these businesses to continue to meaningfully contribute both financially and strategically. Importantly, the net effect of this approach is a path to sustained future revenue growth for the company in total, driving strong earnings and free cash flow growth for, what I expect to be, many years to come.